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Volkswagen Unions and State Shareholder Approve Landmark Turnaround Plan

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Sig5.60Sen-2.10Env0.00Soc-4.20Gov-0.80

Volkswagen’s supervisory board, backed by powerful unions and the state shareholder holding a majority of seats, approved a landmark turnaround plan. The agreement doubles planned job cuts to 100,000, halves the model portfolio and trims its broad portfolio of businesses, ending current disputes but setting up likely new battles ahead.

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